Supreme Court Rejects Revival of $7.25 Billion Credit Card Swipe Fee Settlement
Today, the U.S. Supreme Court refused to reinstate a $7.25 billion class action settlement that had previously been reached between retailers and Visa and Mastercard. This left in place an appeals court ruling that struck down the 2012 settlement on the basis that it was unfair to retailers who would receive no payments or benefits.
A number of major retailers, including Amazon, Target and Starbucks, were among those merchants urging the Supreme Court to reject the appeal. Retailers felt the settlement would have taken away their right to sue Visa and Mastercard over fee practices in the future. They also objected to the $545 million in fees that attorneys were awarded in the settlement.
National Retail Federation Senior Vice President and General Counsel Mallory Duncan said in a statement, “Retailers were skeptical of this settlement from the beginning. It would have done nothing to keep swipe fees from rising in the future. It was nobody’s idea of a good settlement.”
The suit, which had been filed in 2005, alleged that Visa and Mastercard’s swipe fees violated antitrust rules.
This entry was posted in Credit Card News and tagged credit card fees , National Retail Federation , interchange fee , swipe fee , NRF , credit card settlement , debit card fees , Mallory Duncan , Visa MasterCard settlement , $7.2 billion , Mastercard Visa , antitrust rules , Mastercard Visa class action , Supreme Court card fees
The information contained within this article was accurate as of March 27, 2017. For up-to-date
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